Don’t Nod FY 2024 Annual Report

F Y 2 0 2 4 r e s u l t s
April 17, 2025

0 2 0 2
Oskar GUILBERT
Chairman & CEO
Founder in 2008
Agathe MONNERET
Chief Financial Officer
Joined the Group in Sept. 2023
1 . 2024 HIGHLIGHTS
2 . FINANCIALS
3 . OUTLOOK
AGENDA & SPEAKERS

2024 HIGHLIGHTS

0 4 0 4 A CYCLICAL MARKET
Source(s) : Newzoo , 2025
69,6 67,6
80,9 81,7 78,6 81,9 80,2
92,7
2018 2019 2020 2021 2022 2023 2024e 2027e
PC & console software revenues
(in billion of USD)
A market down by 2.1%
A post -covid readjustment

0 5 0 5 A SATURATED MARKET

Source(s) : Gamalytic
8 881
8 088
9 674
11 286
12 353
14 246
18 860
2018 2019 2020 2021 2022 2023 2024
Steam game release d per year
(in number of games )

0 6 0 6
67%
25%
8%
6+ years 1-5 years 2024 releases
% of yearly total hours by age of title
LIMITED PLAYING TIME FOR NEW RELEASES
Source(s) : Newzoo , 2025
PC
44% 41%
15%
6+ years 1-5 years 2024 releases
49%
35%
15%
6+ years 1-5 years 2024 releases

0 7 0 7
AN EXTREMELY COMPETITIVE AND CONCENTRATED MARKET
> COMMERCIAL UNDERPERFORMANCE OF RECENT RELEASES
DESPITE EXCELLENT METACRITICS
78 83

0 8 0 8
COMMERCIAL UNDERPERFORMANCE
CALLS FOR DECISIONS
Cost reduction plan
Suspension of 2 production line P12 & P13
59 job cuts including 12 departures nonreplaced
Operating expenses reduction ~€5m over a full year
€5m preserved in uncommitted external costs
because of production lines rationalization in France
/
Securing revenue
| Bloom & Rage > Distribution partnership
signed with Sony /
Refocusing on 3 in -house production lines

2024 FY RESULTS

0 10 0 10
COMMERCIAL UNDERPERFORMANCE CALLS FOR
ACCOUNTING ADJUSTMENT OF PORTFOLIO VALUE
Partial write -down: €25.3m
|Jusant
|Banishers
Full write -down: €7.6m
|Temporary suspension of 2 projects in Paris (P12 and P13 )
/
Non -recurring expense: €18.7m
| Full withdrawal of asset P10 (€16.5m) and P14 (€2.2m) which no longer meet the criteria for activation
Decrease in capitalized production: €6m
N on -capitalized production under P10 & P14 (design stage)
/
/
/

0 11 0 11
32,1
23,9
2023 2024
2,3
0
2023 2024
26,8
20,6
2023 2024
2024 TOPLINE
OPERATING REVENUES 1
(in €m)
2,9
3,3
2023 2024
SALES (€m)
Dynamic back catalog
and contribution from
Jusant and Banishers
+14%
D E VELOPMENT (€m)
Completion of Banishers :
Ghosts of New Eden
No new games in coproduction
-99 %
CAPITALIZED
PRODUCTION 2 (€m)
Temporary suspension
of P12 and P13
€6m non capitalized on P10 & P14
-23%
– 25%
1 Development + sales + capitalized production
2 For costs incurred on co -produced games
or self -publishing until their release

0 12 0 12
Audited consolidated data -in €000 2023 2024
Revenues 5,240 3,315
-incl. Development 2,355 19
-incl. Sales 2,885 3,295
Capitalized production 26,825 20,623
Total operating revenues 1 32,065 23,937
Other operating revenues 31 16
Total operating expenses (excl. depreciation, amortization and provisions) (37,071) (34,912)
Tax credits 6,654 2,430
Operating EBITDA 2 (incl tax credits) 1,679 (8,528)
Deferred/exempt tax (321) (13)
Depreciation and amortization (13,290) (36,311)
Operating EBIT 3 (incl tax credits) (11,933) (44,852)
Financial income/(expense) 954 963
Non -recurring income/(expenses) (3,535) (19,043)
Amortization of goodwill (314) (1,385)
Consolidated net income/(loss) (14,827) (64,317)
OPERATING EBIT excluding write -down : -€12m
TOTAL OPERATING REVENUES REFLECTING DECISIONS TAKEN ON
DEVELOPMENT PROJECTS (P10 & P14 > €6M)
COST SAVINGS PLAN: 5.8% REDUCTION IN OPERATING EXPENSES
– Payroll : -5% to €24.8m (vs €26 m in 2023)
– Other expenses: -9% to €9.6m, (vs €10.6m in 2023 )
INCOME STATEMENT
Impact of the withdrawal of assets from certain developments (P10 & P14)
+ Reorganization costs prov .+ employment protection plan prov. + CIJV
reimbursement prov .
Operating EBITDA in line with total operating revenues
Partial write -down of Jusant & Banishers (€25.3m)
+ full write -down due to the temporary suspension of P12 & P13 (€7.6m)
French & Canadian tax credits decline in line with production
development cycle + Banishers’ CIJV reimbursement
Heavily impacted by non -cash charges (€50m)
1 Revenues + capitalized production
2 Operating income + depreciation, amortization and provisions net of reversals + Video game tax credits
3 Operating income + Video game tax credits

0 13 0 13
ASSETS -€000 31/12/2023 31/12/2024
Fixed assets 65,559 28,021
Inventories, work -in-progress – –
Trade accounts receivables 2,887 812
Other receivables 9,360 6,673
Cash & cash equivalent 54,798 32,875
TOTAL 132,603 68,380
Impact of write -downs and disposal of assets > €51.8m
LIABILITIES -€000 31/12/ 2023 31/12/2024
Shareholders’ equity & other equity 118,567 55,731
Provisions 4,474 4,923
Borrowings 3,148 1,648
Trade accounts payables 1,598 1,738
Other payables 4,816 4,340
TOTAL 132,603 68,380
Including €4.8m non received tax credits
Of which State -Guaranteed Loan / PGE (€1.2m) repayable in April 2026
Impact of 2024 net loss
A FINANCIAL STRUCTURE THAT REQUIRES
SECURING RESOURCES

0 14 0 14
In €000 2023 2024
Gross operating cash -flow 2,278 (7,732)
Change in WCR 853 4,456
Net cash -flow from operating activities 3,131 (3,276)
Net cash -flow from investing activities (27,109) (18,757)
Free Cash Flow (23,978) (22,033)
Net cash -flow from financing activities 43,876 131
Opening cash and cash equivalents position 34,905 54,795
Closing cash and cash equivalents position 54,795 32,872
Change in cash and cash equivalents 19,890 (21,923)
Adaptation of development investments
+€1.7m in non -recurring financial items
CASH FLOW STATEMENT
€45.4m raised in 2023
Impact of non -capitalized production (€6m) and lower CIJV
Improving FCF

OUTLOOK AND
STRATEGY

0 16
8 0
92 %
Sony partnership
Sales in line with our
forecasts based on
wishlists in a very difficult
market

0 17 0 17
8 0
96 %

0 18 0 18 DEVELOPMENT PIPELINE
Internal
development
External
development
2025
ACTION
ADVENTURE
P10
PARIS
ACTION -RPG
COPRODUCTION TINY BULL
Ep1 18/02Ep2 18/04
Beyond
ACTION -RPG
P14
PARIS
NARRATIVE
ADVENTURE
M2
MONTREAL 01/04

0 19 0 19
OUR AMBITIONS
Focus efforts on the studio’s three core genres of excellence –
Action -RPG, Narrative Adventure and Action -Adventure – to
maximize the chances of success of high -potential titles
Strengthen the role of the editorial committee to better meet
market expectations
Restore more organizational agility
Align technologies for greater efficiency
Secure financing for productions
Seize opportunities for partnerships on successful IPs not
owned by the Group, to diversify and secure revenue streams
while limiting risks

0 20 0 20 MORE THAN 15 YEARS
OF CREATIVE EXCELLENCE FOR PLAYERS
A leadership
in narrative
games
12 GAMES
released
(INTERNAL
& EXTERNAL)
3
CORE GENRES OF
EXCELLENCE
RPG / NARRATIVE -ADVENTURE
/ ACTION -ADVENTURE
1 from the 2nd calendar year of sales for games released before Q4 or the third for games released after Q4
3
RELEASES
IN 2025
10
GAMES IN THE
BACK CATALOG 1

APPENDICES

FR0013331212 – ALDNE
Number of shares 13,081,759
Listing sponsor
Allegra Finance
Liquidity contract
TP ICAP EUROPE
Société de Bourse
Analysts
TP ICAP EUROPE
Charles -Louis Planade
SG Gilbert Dupont
Yann De Peyrelongue
Portzamparc BNP Paribas Group
Maxence Dhoury
*Held indirectly through an affiliate
SHAREHOLDER INFORMATION
Breakdown of capital share at 31/03/2025
0 22
30 .2%
PUBLIC 24.2% VOTING RIGHTS
1.9% LOSKENT
(99% owned by O. Guilbert ) 3.0% VOTING RIGHTS
24.0%
Kostadin YANEV 36.6% VOTING RIGHTS
41.9%
TENCENT*33;6% VOTING RIGHTS
1.3%
EmployEes2.0% VOTING RIGHTS
0.9%
Treasury shares

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11 rue de Cambrai
75 019 Paris
dontnod@actus.fr